The cost of electric vehicles has dropped sharply, and Hyundai has taken the first step
Hyundai Ioniq 5 Price Cuts Significantly
Hyundai has announced a drastic price cut for its Ioniq 5 electric vehicle, down to $9,800 for select trim levels. The base model now costs $35,000, down from $42,600, making it $7,600 more affordable.
Availability of trim levels
Buyers looking for more power and range can consider the Ioniq 5 SE for $37,500, down $9,150 from last year’s $46,650. The biggest price reductions are for the SEL trim: $39,800 for rear-wheel drive and $43,300 for all-wheel drive, down $9,800 from the previous model.
Company strategy
Hyundai said it was repositioning the model to “better align with current market conditions and support increased U.S. production.” It added that the changes are “part of a broader strategy to maintain the Ioniq brand’s leadership in the electric vehicle market while responding to changing consumer expectations and competitive pressures.”
Improvements without compromising quality
Despite the significant price reduction, Hyundai hasn’t removed any equipment to cut costs. Instead, the car comes standard with a two-level charging cable.
Color Updates
Among other changes is the addition of a new matte Sage Silver paint finish. Cosmic Blue Pearl and Vibrant Ultimate Red are now available on all trim levels.
Special Offers and Recommendations
While Hyundai didn’t mention tax credits, the company is offering a $7,500 incentive for customers who buy or lease a 2025 model. However, it may be worth waiting for the 2026 Ioniq 5 unless additional deep discounts are in the works.
These changes come as the federal Clean Vehicle Tax Credit is ending, forcing manufacturers to look for alternative ways to support sales. Such significant price cuts could make the Ioniq 5 one of the most competitive offerings in the mid-range EV market, especially considering all the features and new features are retained.
